Marketing Plan. Situational Analysis
Macro and Micro Environmental Factors
My job as a senior manager will be highly affected by the demographic environment. The quantity of globe residents is increasing at a volatile rate (Kotler, Armstrong, Cunningham, Trifts, 2000). It is now exceeding 6.6 billion people, and it is approximated to grow to 8.1 billion people by the year 2030 (Kotler, 2013). Since the job is to be carried out in Canada, this number will decrease to about 34 million (Government of Canada, n.d.). This presents an advantage in the high population and its aspects such as size, density, gender, location, age, and other factors that will aid in raising options of potential targets (Government of Canada, n.d.).
The job involves securing future functions of the company. Therefore, the economic environment has a considerable impact on the everyday actions of the management. To prove this point, the Engel's law states that as people change their housing cost, health care, transportation, and goods and services due to a reduction or an increase of income that will have an effect on the strategies adopted to satisfy their needs.
The technological environment today is very dynamic. To cope with these changes, the number of the specific strategies will have to be adjusted to have growth with the proper resources.
The company is the main factor that influences all other factors and aspects relevant to the management work. All the interrelated groups from the internal environment are the key factors to the doors that lead to success. Other departments will have an impact on the management's plans and actions (Smith, 2013). All workers should work together in order to have a healthy future in harmony (Smith, Forbes).
Competitors are the second most crucial factor that influences the actions of the management. It is believed that a successful enterprise has to provide a superior customer satisfaction and value than its competitors do. Therefore, the actions of the competitors, which may be better and more profitable, will directly influence the job at hand (Kotler, et al 2000).
Customers in a company are the drivers for the success and profit, and their satisfaction settles the future of the company. Considering the target market, the customers will significantly contribute and play an important role in the decision-making process of the management team of a company. Globally, there are about 6.6 billion people, and it is known that there are 1300 globally known CEOs (McFarland, n.d.). Competition for such a position is extremely restricted; however, the requirements are extremely low. With just a bachelor one can earn a senior position. To earn such a prestigious position, one should be experienced in almost every field of the company in order to manage and govern them to the bright future. Therefore, all the aspects of a country from political to the economic ones affect the senior in charge of the company (McFarland, 2013).
There are over 100,000 managerial positions both in Canada and in the US (Management Jobs on CareerBuilder.com, n.d.). The competition will be against people that can gather better knowledge and experience. Competition can contrast depending on the province or state because it is always affected by culture. Some provinces or states have a different understanding of the product, which can lead to the different approaches towards it. The largest competition comes from the individuals, depending on how much knowledge and experience he or she has gained by the time of interview (Management Jobs on CareerBuilder.com, n.d.). This position is more than the degree, and it is about the experience earned during one's years of work. Competition can range from experienced people like Roger Ferguson (he is from the retirement services provider TIAA-CREF. He has a d Ph.D. from a university known as Harvard, and is the most educated CEOs of the Fortune's 500 companies), to someone like Mark Zuckerberg, who dropped out of Harvard (Wecker, n.d.). The competition will be amongst people, who think outside the box and can put the company before themselves (Wecker, n.d.).
Strengths: First and most noteworthy strength is my ability to look sharp, and believe that the first meeting with a potential employer, customer, or even a client is the most momentous meeting. Through this strength, various weaknesses of an individual can be highlighted. Through this encounter, a person may think of one as either trustworthy or competent. The second strength is the ability to explain to someone and the capability to connect with other people. In this approach, communication is for success. Communication with a person is more than just a conversation, but an ability to understand the needs and wants of people. Another one of my strengths in this position is persuasiveness. Experience and education in many scenarios of life can help to bring a high hand in many conversations. The biggest strength is an ability to get involved in the current problems that the company is facing; however, at the same time, I am able to focus on all potential opportunities that the company may be missing.
Weaknesses: The first weakness would be excessive thinking. This is normally a tremendous puzzle, and sometimes it can lead to the similar pieces of information being placed at the wrong places. For example, if a friend or a coworker lets one down, or causes harm in an emotional way, one tends to become paranoid, leading to the thought that more and more people around are trying to bring a person down. This makes a person unsocial and incapable to focus. The second weakness would be lack of experience in interviews. There is a tendency to be excited that ends up making one lose the necessary words. UN organization is another weakness. This leads to plans made in advance being abandoned, and this, in turn, causes a lot of time being lost.
Opportunities: Opportunity lies in the ability to understand and take time and think about the future position and try to redesign the prospect of the firm. The market demands and environment are changing every day, and new products are constantly coming. In that new era, new and sophisticated ideas can be brought to the company.
Threats: One of the threats is that the image that is given to the senior executives is getting remotely false. The thought of the position being given to the people, who have connections in the environment, or the position being reserved for the ivy-league graduates because of their higher understanding, making it harder to acquire a job due to the high competitive markets makes it a threat for the job seekers.
In future, I see myself taking different internships or join associations that promote helping poorer countries around the world in order to maximize my working experience and cultural diversity awareness. This quest will help in finding experience after years of studying and working part time. In future, I believe that there will be the establishment of a paying future after the twelve months of wondering around the world. During the first three years after graduation, a managerial position in a company can help me in teaching on the ways to train and control employees, and on the ways to work in an effective and efficient way. These experiences will help in becoming a leader.
After graduation, a high salary is not expected. However, settling for anything that can get the highest amount of experience is a priority in this field. A high paying salary within the twelve months of graduation is not realistic; however, I plan to obtain a rational salary, which is going to be sufficient for living support. In average, a CEO is paid around $150,000 a year plus bonuses, depending on the firm (Bamberger, n.d.). After gathering all the experience needed, a strong starting salary for the executive position, and increase it by 30% every year, is tenable.
The assumption is that at the start of a career in such a position will involve working around the world and not focusing on the specific regions. However, after 2 years of working in urban and suburban areas of the world, the focus will go on cities. In this position, the dream is to go to New York, California in the US, or go to Tehran, Iran. Family goals should not be made, but a more dynamic working environment should be expected. The first aim is to learn the different pathways, but nonetheless, lead a rich life style.
The target market depends on the specialization identified. These specializations involve planning, social events, memorable events, and destination management. In case of notable events, non-profit organizations and municipal governments would be some of the potential clients. Other potential clients are large corporations and professional associations. Other potential clients for the event planning services are private clubs such as golf clubs, country clubs, and faculty clubs. Some of the representatives of the target market can be met on various social events, birthday parties, and holidays (Arab British Academy for Higher Education, n.d.).
The marketing mix is composed of the four approaches. These are pricing, distribution, advertising, promotion, and customer service. Pricing regimes will be designed according to the individual project estimates and are designed to fit customers' requirements. Distribution of the events management will be done within the region of operation and will be determined by the needs of the customers. Several forms of advertising and promotion are used. They include the website of the company, partnerships, and corporation with chambers of commerce and participation in various trade shows. On customer service, the operations of the company will be conducted to maximize customer satisfaction. All levels of the organization will be taught on the practices of customer satisfaction (Kotler, 2003).
Implementation and Control
Annual plan controls; these are controls implemented by mid and top level management with an aim of examining whether planned results are attained or not. They are examined through the sales of market-share and financial and market-based scorecard analysis. Profitability controls have an aim of determining whether the company is making profits or not; they also are able to evaluate its spending. It is determined by product, segment, region, customer, trade channel, and order size (Kotler, 2003). It is also necessary to implement the control procedures for staff, management, and marketing. It determines efficiency and impact on marketing expenditures. It is indicated by the efficiency of the sales force, advertising, distribution, and promotional services. Top management implements strategic control and marketing auditor with an aim of examining whether the company is pursuing best interests concerning its markets, channels, and products or not. This is done through marketing effective ratings, marketing audits, excellence reviews, and ethics and social responsibility reviews of the company (Kotler, 2003).